clearing an overdraft?

UKSTEALTHBOMBER

Hi, new as of this minute.
Would apreciate any advice on how to clear, pay off or move an overdraft.
Have no credit cards.
Have no loans.
Have 3 store type cards at builders merchants.
Have a £5k overdraft which charges me approx £60/month interest.
Question:
Is it possible to move the overdraft to a 0% balance transfer card to save the interest i'm paying?
Any help will be just great.
Thanks.

HAVE NOW APPLIED & RECEIVED A BARCLAY CARD PLATINUM BALANCE TRANSFER CARD, SO MY CREDIT RATING SEEMS TO BE OK.
ANYONE GOT ANY SERIOUS HELP ON HOW TO CLEAR OR REDUCE THE £60/MONTH INTEREST ON MY OVERDRAFT?
BARCLAYS SAY I CANNOT PAY OFF AN OVERDRAFT WITH THIS CARD SO WHAT IS THE WAY FORWARD?
CHEERS.

ironlady2022

Only certain credit cards will allow you to transfer an amount to pay off your overdraft. I think AA have one.

danouk

You want a "Super Balance Transfer" credit card. There's typically a 4% ish fee.

Barclaycard and MBNA offer cards which have this feature. Unfortunately, these are usually only available to those with a good credit score and, from what you've said, you probably wouldn't qualify. Lenders won't like to see such a large overdraft, and they also want to see that you have a history of managing credit well - as you don't have any credit cards or loans you don't have that history.

Are you a homeowner? Employed or self-employed?

VikkiAngel4eva

I was just going to ask this question!! My overdraft is £1300 but am currently paying interest on it....am due to do a new balance transfer from my current credit card to 0% interest in March, have got a good credit rating, are there any other easy ways of paying off the overdraft to avoid the interest on it?

mynameisdave

Egg does (or at least did), and the BT (Brit Tel rather than Bal Trans) card (MBNA) allows you to do cash transfers to a current account.

Both are at 4% fee, but no interest for 12 or 13 months. Once its shifted to a CC, if not paid off in the time it obviously just becomes a standard CC balance transfer so your options wouldnt be limited if you had to shift it again.

YorkshireBoy

danouk wrote: »

You want a "Super Balance Transfer" credit card.

Barclaycard and MBNA offer cards which have this feature.

Barclaycard?...you sure?

OP, here's a list of SBT cards...

http://www.stoozing.com/sbt.php

On the subject of the overdraft, have you now addressed the reasons for it's existance? If not, you're on a slippery slope!

danouk

Yep - they keep sending me SBT offers.

redpete

VikkiAngel4eva wrote: »

I was just going to ask this question!! My overdraft is £1300 but am currently paying interest on it....am due to do a new balance transfer from my current credit card to 0% interest in March, have got a good credit rating, are there any other easy ways of paying off the overdraft to avoid the interest on it?

Earn more or spend less or use savings or borrow at 0% from friends or family.